Falklands : Hydrocarbons Daily Record: Wednesday, 27 February 2008
Submitted by Falkland Islands News Network (Juanita Brock) 28.02.2008 (Article Archived on 13.03.2008)
A good inventory report from the US Department of Energy Administration helped to lower the price of crude today.
HYDROCARBONS DAILY RECORD WEDNESDAY, 27 FEBRUARY 2008
By J. Brock (FINN)
At 1930hrs LMT on Tuesday, 27 February 2008 Light Sweet Crude was trading at $99.64 down $1.24 on the New York Mercantile Exchange. Brent Crude was trading at $98.27 down $1.20 on London’s ICE Futures Market.
ANALYSIS:
A good inventory report from the US Department of Energy Administration helped to lower the price of crude today. The weakening US Dollar has staved off a sharp decline in crude prices today. Though crude prices are below $100.00 they are extortionately high and the majority dependant in hydrocarbons products are cutting back consumption to save money. Alternatives are becoming more attractive with people who can afford it investing in the equipment and products.
SHARE PRICES AND THE MARKETS:
SHARE PRICES ON THE ALTERNATIVE INVESTMENT MARKET: Wednesday, 27 February 2008.
TLW: 639.50 up 11.50, DES: 52.00 up 5.00, FOGL: 123.00 down 3.00 RKH: 56.00 down 1.50, BOR: 60.50 up 0.25 PRE: 13.25 unchanged, GBP: 7.25 unchanged, GPK: 424.00 down 1.00, BLT 1662.00 up 28.61, RDSA: 1847.00 up 1.00 RDSB: 1822.00 up 4.00
New York Stock Exchange:
XOM: 89.36 down 0.53 (USD)
THE MARKETS (27/02/08)
FTSE100: 6,0076.50 down 10.87, FTSE250: 10, 421.10 up 37.21 SmallCap: 3,284.40 down 3.15
DJI: 12,694.28 up 9.36 NASDAQ: 2,353.78 up 8.79 S&P500: 1,380.02 down 1.27
A BRIEF INVENTORY REPORT FOR THE WEEK ENDING 22 FEBRUARY 2008:
Crude: Up 3.2 Million Barrels to 308.5 Million Barrels
Gasoline: up 2.3 Million Barrels to 232.6 Million Barrels
Distillates: down 2.5 Million Barrels to 120.00 Million Barrels
Refinery Capacity: up 1.16% to 84.68%
INTERNATIONAL DEVELOPMENTS:
(Alternative Energy)
In the era of global warming, peak oil, and the perilous petroleum dependency of the OECD countries, solar energy is now the hot ticket. Venture-funded companies compete for investment and market share. The scientific community is doing its part, proposing grand visionary plans for meeting most of humankind's energy needs by mid-century by tapping the original source of our fossil fuels—the Sun.
http://www.energybulletin.net/40936.html
(Mexico)
BNamericas reported that Mexican state oil company Pemex's E&P subsidiary PEP awarded a US$25 million engineering procurement and construction contract to local firm Construcciones Mecánicas Monclova for a marine platform that will work in the Campeche sound, according to federal procurement website Compranet.
http://www.energycurrent.com/index.php?id=2&storyid=9099
(Spain)
Repsol YPF SA's full-year results, due tomorrow, will be overshadowed by the group's long-awaited 2008-2012 strategy presentation, which is expected to unveil key pillars for growth, including an aggressive investment plan focusing on reinforcing the upstream business.
http://www.tradingmarkets.com/.site/news/Stock%20News/1143363/
Analyst Marc McCarthy of Bear Stearns upgrades Repsol YPF SA (REP) from "peer perform" to "outperform." The target price is set to €30.
http://www.newratings.com/en/main/company_headline.m?section=company&option=headline&id=1704372
(Libya)
TRIPOLI, Feb 27 (Reuters) - Libya's state-owned National Oil Corporation (NOC) ratified an exploration agreement with Exxon Mobil (XOM.N: Quote, Profile, Research) on Wednesday, setting terms by which the U.S. supermajor will explore for hydrocarbons off the Libyan coast.
http://www.reuters.com/article/rbssEnergyNews/idUSL2776554620080227
REGIONAL DEVELOPMENTS:
(Brazil)
Brazil's PETROBRAS oil company has reactivated its investments in Bolivia, prospecting for a new oilfield in the department of Sucre, local media headlined Wednesday.
http://www.plenglish.com/Article.asp?ID=%7BA83249C7-1EA7-4DF7-9C44-90923C136673%7D&language=EN
-- Petroleo Brasileiro S.A has awarded Pride International contract extensions for the deepwater, dynamically positioned semisubmersible rigs Pride Rio de Janeiro and Pride Portland.
http://www.pennenergy.com/display_article/321347/9/PRARC/none/VESSL/1/Pride-earns-rig-contract-extensions/
(Uruguay)
BNamericas reported that Uruguay's state oil company Ancap will launch an exploration and production licensing round for offshore blocks in November, according to a statement from the country's presidential press office. The company is acquiring 2-D seismic data on offshore areas and is presenting information about the areas to international oil companies.
http://www.energycurrent.com/index.php?id=2&storyid=9100
(Venezuela)
For the first time ever since US oil major Exxon Mobil filed a lawsuit against Venezuelan state-run oil giant Pdvsa last January, the Venezuelan holding will be heard by the Supreme Court of England to submit its allegations against and an injunction freezing up to USD 12 billion in Pdvsa's assets.
http://english.eluniversal.com/2008/02/27/en_eco_art_pdvsa-to-fight-back_27A1389685.shtml
Italian Minister of Foreign Affairs Massimo D'Alema next Friday is paying a flash visit to Venezuela, a country with which Roma intends to reactivate political and economic relations, sources with the Italian Foreign Ministry Wednesday told AFP.
http://english.eluniversal.com/2008/02/27/en_pol_art_italian-foreign-mini_27A1390683.shtml LOCAL DEVELOPMENTS: (Rockhopper Exploration) http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1722029&source=RNS
LOCAL LINKS:
http://www.fogl.com
http://www.desireplc.co.uk
http://www.bordersandsouthern.com
http://www.rockhopperexploration.co.uk.
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